Man arrested for selling bank accounts to cyber fraudsters linked to Chinese scam network
Avadi Cyber Crime Police arrested a man for selling bank accounts to cyber fraudsters linked to a Chinese scam network. The investigation revealed that these accounts were used to facilitate large-scale cryptocurrency investment scams.
Why it matters
The case highlights the growing threat of transnational cybercrime syndicates using local intermediaries to launder money from Indian victims.
The Avadi Cyber Crime Police arrested a 43-year-old man for allegedly procuring bank accounts from members of the public and selling them to cyber fraudsters linked to a Chinese scam network. The police said 67 complaints registered across India on the National Cyber Crime Reporting Portal (NCRP) have been linked to bank accounts allegedly sold by the accused.
The case came to light following a complaint from Yoganandh, 43, of Porur, who allegedly lost ₹1.73 crore after being lured into investing in cryptocurrency through a Chinese app called ‘Chin Chain’.
According to police, the accused had contacted Yoganandh through Facebook and promised returns three times the investment. Believing the claims, he transferred ₹1.73 crore in several instalments to multiple bank accounts provided by them. When neither the promised returns nor his principal amount was returned, he approached the Avadi Police Commissioner.
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